When it comes to data, central banks need efficiencies in two core areas: collection and analytics. This should not be an either/or proposition.
Central banks are facing a big data problem. Amid rapid innovation and steadily increasing regulation across the financial landscape, the number of firms and disclosures they must supervise is increasing rapidly and is straining limited resources.
But simply having a solution in place is not a silver bullet. Central banks need modern systems and a plan to bring it all together.
In this article, we explore how – with the appropriate platforms, partners and processes in place – supervisory technology can be utilised as a driver of transformation. We also offer a few key principles and conclude with some best practices.
Contents:
Insight
Confidence is building in tax transparency in Latin America, according to a new OECD report. The report highlights the value of AEOI for tackling tax evasion.
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Data is a core part of transparency. As global standards evolve, tax authorities must be ready to provide more and better-quality data – having the right approach now will support future exchanges of information.
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With transformation sweeping through the financial sector, institutions are more aware than ever before of the importance of granular data to enable a digital lingua franca for financial regulation and to handle the exponential increase in data. Granular data facilitates this by breaking data down into the finest, most detailed level that is practical to use. Breaking the data down to its smallest components is called disaggregation.
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